An hour after Binance announced it would list the token, Lido DAO(LDO) surged by over 30% on Monday.
Starting at 11:00 UTC, LDO will be available for trading in the LDO/BTC, LDO/BUSD, and LDO/USDT pairs. This will be the first time the LDO token has been listed on any centralized crypto market.
According to DeFi Llama, Lido, an Ethereum-based DeFi platform, has one of the greatest market shares in ETH staking and is the second-largest Defi protocol by total value locked (TVL).
Lido DAO (LDO) Gains 25% Following Binance Listing
Lido provides staking for Ethereum, Terra, Solana, Kusama, and Polygon. The price of the LDO token has increased by more than 35% in the last 24 hours, with Binance’s announcement of the token’s listing adding significantly to the increase.
The deposit channel for Lido DAO (LDO) is now open. Traders must, however, wait 24 hours for withdrawals due to the exchange’s policies. The Lido DAO (LDO) listing fee is 0 BNB.
With the growing interest in Ethereum 2.0, Lido has become the most favored liquid staking platform. The LDO price, on the other hand, plummeted after the Ethereum merger was postponed until the third quarter.
Furthermore, as Lido continues to add new assets, the ETH rewards have fallen. It has made Lido users more concerned.
However, Lido will benefit from the move toward more decentralization and listing on Binance.
According to CoinMarketCap, trade volume has increased by more than 100 percent in the last 24 hours, pushing the LDO price to a high of $3.51. Currently, the price is $3.39.
Lido Experiences Demand Amid Staking Interest
The demand for Lido appears to be increasing as staking interest grows. As the total-value-locked (TVL) surged over $20 billion, Lido momentarily became the leading DeFi protocol. Currently, Lido ranks second, with a TVL of $15.70 billion. The value of Ethereum’s stake on Lido is $10.15 billion.
